Preheat oven to 350F.
Bring a large pot of water to a boil. Add a handful of salt, and cook the pasta to al dente according to package directions.
While pasta is cooking, heat a medium saucepan with the butter and flour, whisking until smooth. When it starts to bubble a little, cook 1 minute. Add the thyme and cook another 30 seconds. Slowly add the wine and milk, whisking constantly. Cook, stirring, ~2 minutes until just a little thickened.
Remove from the heat and add 2 cups of the cheese, salt, pepper, and mustard. Stir until smooth.
When the pasta is done, drain and add to the cheese sauce. Ladle into 2 (14 oz) ramekins (which is what I did in the photo) to serve 2 as a main course. Alternatively, use a small casserole dish to serve 4 as a side dish. Top with the remaining cheese.
In a small bowl, combine the panko breadcrumbs, bacon, and olive oil, and top the mac ‘n cheese. Bake at 350F for 20-25 minutes until very bubbly and golden on top. Serves 2 as a main course or 4 as a side dish.